Won a lottery or prize money in India? Here's what you need to know

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

Won a lottery or prize money in India? Here's what you need to know out as providing goods or services to the public See Forte Investment Fund v State Tax Commission, 369 Mass 786 , affirming Forte Investment Fund

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

how much to play lottery Lottery winnings in India are subject to a flat 30% tax rate This means that if you won 20 crore, you would have to pay 6 crore as tax,

TDS must be deducted from winnings before awarding them to the winner under Section 194B or 194BB of the Income Tax Act's regulations if the

how to play poker with chips While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and